Solaria Energia Y Medio Ambiente, S.a. · BME:SLR

Solaria Energia Y Medio Ambiente — 9M20 Earnings Presentation

21 slides from Solaria Energia Y Medio Ambiente's earnings presentation, Nov 16, 2020

  1. Slide 1: 9M20 Earnings

    9M20 Earnings 16 November 2020

  2. Slide 2: Disclaimer

    Disclaimer This document has been prepared by SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (“Solaria”) for information purposes only and it is not a regulated information or information that has been subject to prior registration or review by the Spanish Securities Market Commission. By attending a meetin

  3. Slide 3: Index

    6200 4150 5175 2150 3150 1375 INDEX 1. Key highlights 2. PPA: R-evolution 3. Growing 4. Building 5. Final Remarks

  4. Slide 4: Key highlights: strong growth and sound financial performance despite Covid-19

    1. Key highligths Strong growth and sound financial performance despite Covid-19 3150 4150 5175 6200 1375 2150 2020 CMD 6.2GW by 2025 = PV leader in Iberia >10GW pipeline, of which 5.8GW pipeline is fully committed (connection points + 13.6k hectares of lands at €1,281/ha/year) Top in class in Capex

  5. Slide 5: PPA R-evolution: Spanish pool price recovery supports PPA prices

    2. PPA R-evolution Spanish pool price recovery at pre-COVID levels supports PPA prices 3150 4150 5175 6200 1375 2150 47.17 42.11 42.19 41.96 42.48 41.1 CURRENT SPANISH 36.2 35.87 34.64 POOL PRICE 33.81 OVER 40 €/MWh (1) 30.62 27.73 21.26 17.65 Sept Oct Nov Dic Jan Feb Mar Apr May Jun Jul Aug Sept To

  6. Slide 6: Securing PPA for 1.5GW = 70% of 2021 target

    2. PPA R-evolution Securing PPA for 1.5GW = 70% of 2021 target 3150 4150 5175 6200 1375 2150 Strong demand from international Oil & Gas companies Initial negociation to sign PPA > 15-20 years 250-350 MW to be signed before year end >1500 MW 150MW TS signed 10Y International Oil & Gas company Contrac

  7. Slide 7: Spain = A new 10GW player in the game

    2. PPA R-evolution Spain = A new 10GW player in the game 3150 4150 5175 6200 1375 2150 A new investment-grade player is entering in the Spanish market On 3 November, Spain announced new renewables auctions REGULATORY FRAMEWORK Royal Decree-Law 960/2020 4 November 2020 1 GW of PV capacity Expected in

  8. Slide 8: Growing: Steady growth of production

    3. Growing Steady growth of production 3150 4150 5175 6200 1375 2150 Energy production (GWh) 216.2 In line with new installations, energy production rose by 117.1 over 379% to 412GWh in the first nine months of the year. 78.7 26.4 27.6 32.03 28.77 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Revenues generate

  9. Slide 9: Growing: Profitable growth

    3. Growing Profitable growth 3150 4150 5175 6200 1375 2150 Total revenues (€mn) 48.5 30.3 +60% Total revenues up +60%, in line with growth of energy sales. 9M19 9M20 EBITDA (€mn) 37.6 EBITDA reached €37.6mn, +61% up +61%, in line with growth 23.4 of total revenues, owing to strict control of personn

  10. Slide 10: Growing: Strong cash generation

    3. Growing Strong cash generation 3150 4150 5175 6200 1375 2150 Profit before tax (€mn) 16.6 Profit before tax amounted to €16.6mn, up +148% and +148% reflecting the company’s sound capacity of cash generation 6.7 without impact of tax credit. -44% 9M19 9M20 Net profit (€mn) 25.1 -53% +79% 14.0 Net

  11. Slide 11: Financing optimization: balance sheet reflects strong investment phase

    3. Growing Financing optimization 3150 4150 5175 6200 1375 2150 Balance sheet reflects strong investment phase Financing Alpiq PPA financing with BayernLB and KfW Amount € 54.5mn Debt tenor 15Y optimization Fixed interest rate ≈ 1.5% 85% Fixed rate Adjusted net Financial Tangible fixed debt(1) (€mn)

  12. Slide 12: Building: 800 MW installed and under construction

    4. Building 800 MW installed and under construction 3150 4150 5175 6200 1375 2150 360 MW under construction “PALENCIA 1” 25 MW (Palencia) “ZAMORA 1” 50 MW (Zamora) “PALENCIA 2” 25 MW (Palencia) “PALENCIA 3” 30 MW (Palencia) “ZAMORA 2” 30 MW (Zamora) “ZAMORA 3” 50 MW (Zamora) “ALCAÑIZ” (Teruel) “TOLE

  13. Slide 13: Building: 800 MW installed and under construction

    4. Building 800 MW installed and under construction 3150 4150 5175 6200 1375 2150 360 MW under construction 1Q20 target Under construction reiterated Construction to be launched 1375 MW Installed capacity 575 800 MW 360 440 nov-20 Est. End 1Q21 13

  14. Slide 14: Green light for 626MW Trillo project expected in 1Q21

    4. Building Green light for 626MW Trillo project expected in 1Q21 3150 4150 5175 6200 1375 2150 We reiterate our targets of 1.375GW and 2.15 GW TRILLO Guadalajara – Castilla la Mancha 626 MW Trillo Project Estimated Green light 1Q21 2150 = 1375 81% of our 775 MW new installation target for 2021 10%

  15. Slide 15: Very limited impact on environment, positive impact on local economy

    4. Building Very limited impact on environment 3150 4150 5175 6200 1375 2150 Very positive impact on local economy(1) ENVIRONMENT LOCAL EMPLOYMENT(1) ECONOMY(1) FIGHT AGAINST CLIMATE CHANGE During construction Estimated municipal construction tax 406 tn CO2 per MW installed/year avoided € 1,200,000

  16. Slide 16: Final remarks

    5. Final remarks 6200 4150 5175 2150 3150 1375 Despite new challenges of COVID-19, during 9M20 we managed to deliver the following: ❑ Strong set of earnings with high double-digit growth ❑ New PPAs signed (150MW with Axpo) and to be signed (250-350MW) before year end ❑ Closing of PPA financing (105M

  17. Slide 17: Appendix

    Solaria Appendix

  18. Slide 18: Income Statement

    Income Statement 9M20 (unaudited) €mn 9M20 9M19 Relative change (%) Net sales 40.957 25.908 58 Other income and earnings 7.591 4.381 73 Total revenues 48.549 30.289 60 Personnel expenses (4.578) (3.667) 25 Operating expenses (6.327) (3.192) 98 EBITDA 37.644 23.430 61 Amortisation (11.657) (9.416) 24

  19. Slide 19: Balance Sheet: Assets

    Balance Sheet 9M20 (unaudited) Assets €mn 9M20 FY19 Relative change (%) Non-current assets 541.312 462.386 17 Intangible assets 34.304 24.255 41 Tangible fixed assets 445.343 384.678 16 Deferred tax assets 60.829 52.809 15 Other non-currents financial assets 836 644 30 Current assets 117.404 138.140

  20. Slide 20: Balance Sheet: Liabilities

    Balance Sheet 9M20 (unaudited) Liabilities €mn 9M20 FY19 Relative change (%) Equity 218.665 193.258 13 Capital and share premium 310.926 310.926 0 Other reserves 5.311 5.311 0 Retained earnings (89.161) (114.290) (22) Value adjustments (8.411) (8.689) (3) Non-current liabilities 385.691 326.254 18%

  21. Slide 21: Solaria

    Solaria

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